Communications of the ACM
Boomerang Employees
Former employees also are cheaper to hire because firms can avoid external recruiters and a prolonged slog through rsums.
Credit: The Wall Street Journal
Corporate alumni networks can make it easier for former employees to become future employees. Though formal alumni networks have existed for years, they are experiencing a surge in popularity as professional services and technology companies struggle to find skilled workers to fill their ranks. The earliest corporate alumni networks were mostly social in nature, rarely an integral part of corporate strategy. Now, these alumni initiatives provide a channel for recruiting, client development and branding. There are several different approaches to building and leverage a formal corporate alumni network.
The latest online networks, often password-protected, can include message boards, blogs from executives, profiles of prominent alumni and both internal and external job postings. Companies usually also set up face-to-face activities, which can double as recruiting opportunities. These networks are good at formalizing more casual Facebook and LinkedIn groups, enabling former staffers to view job openings on the site and share links with contacts via LinkedIn, Facebook, Twitter and email. Former employees are attractive because they are more productive than completely new hires and easier to re-integrate into the firm. Companies say the network also helps them spot new business opportunities as ex-employees move to client firms, giving the bank an "in" when pitching projects.
Even the most rigorous interview process can only provide a very small snapshot of how a person performs in the organization, while actual experience at the company can speak volumes. Former employees also are cheaper to hire because firms can avoid external recruiters and a prolonged slog through resumes of unqualified applicants. And so-called boomerang employees tend to have better retention rates upon return as they have seen other less-attractive options. Most talent networks usually start with a goal of building better relationships with former employees and identifying possible return talent. They can also extend to include in-person hiring events, for which it will contact alums in a given functional or geographic area, or an online jobs site. They sometimes roll out more features including social networking, local reunions and webcasts.
From The Wall Street Journal
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